• Southern States Bancshares, Inc. Announces Third Quarter 2024 Financial Results

    来源: Nasdaq GlobeNewswire / 21 10月 2024 07:00:45   America/New_York

    Third Quarter 2024 Performance and Operational Highlights

    • Net income of $7.4 million, or $0.76 per diluted share
    • Core net income(1) of $8.7 million, or $0.89 per diluted share(1)
    • Core pretax pre-provision net income(1) of $13.8 million
    • Net interest income of $24.2 million, an increase of $2.7 million from the prior quarter
    • Net interest margin (“NIM”) of 3.65%, up 9 basis points from the prior quarter
    • NIM of 3.66% on a fully-taxable equivalent basis (“NIM - FTE”)(1)
    • Return on average assets (“ROAA”) of 1.05%; return on average stockholders’ equity (“ROAE”) of 11.89%; and return on average tangible common equity (“ROATCE”)(1) of 13.35%
    • Core ROAA(1) of 1.24%; and core ROATCE(1) of 15.74%
    • Efficiency ratio of 52.79%; and core efficiency ratio of 46.96%
    • Linked-quarter loans grew 36.3% annualized; and legacy loans grew 10.3% annualized
    • Linked-quarter total deposits grew 44.8% annualized
    • Linked-quarter total deposits, excluding brokered deposits, grew 71.5% annualized; and legacy total deposits, excluding brokered deposits grew 9.6% annualized

    (1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    ANNISTON, Ala., Oct. 21, 2024 (GLOBE NEWSWIRE) -- Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States” or the “Company”), the holding company for Southern States Bank, an Alabama state-chartered commercial bank (the “Bank”), today reported net income of $7.4 million, or $0.76 diluted earnings per share, for the third quarter of 2024. This compares to net income of $8.2 million, or $0.90 diluted earnings per share, for the second quarter of 2024, and net income of $6.6 million, or $0.73 diluted earnings per share, for the third quarter of 2023. The Company reported core net income of $8.7 million, or $0.89 diluted core earnings per share, for the third quarter of 2024. This compares to core net income of $9.1 million, or $1.00 diluted core earnings per share, for the second quarter of 2024, and core net income of $9.6 million, or $1.06 diluted core earnings per share, for the third quarter of 2023 (see “Reconciliation of Non-GAAP Financial Measures”).

    CEO Commentary

    Mark Chambers, Chief Executive Officer and President of Southern States said, “The top highlight of our third quarter was the completion of the CBB Bancorp acquisition on August 1 as planned. I want to welcome our new colleagues who contributed to a seamless integration between two organizations that share a common culture. Our combination with Century Bank has strengthened our platform to drive loan and deposit growth across growing and attractive Georgia markets.”
    “Net interest income for the third quarter increased more than 12.4% to $24.2 million for the quarter largely reflecting the contribution from Century Bank. Net interest margin also increased 9 basis points to 3.65% from 3.56% quarter-over-quarter, which further reflects Century Bank’s contribution.”
    “Finally, we were pleased to be recognized in Piper Sandler’s Sm-All Stars: Class of 2024 for the third year in a row. The Sm-All Stars’ objective is to identify the top performing U.S. small-cap banks and thrifts based on growth, profitability, credit quality, and capital strength. Our objective is to run a highly efficient bank, consistently deliver the highest level of customer satisfaction and increase value for our shareholders.”


    Net Interest Income and Net Interest Margin  
     Three Months Ended % Change September 30, 2024 vs.
    September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		 June 30,
    2024    		 September 30,
    2023
     (Dollars in thousands)    
              
    Average interest-earning assets$2,645,388  $2,440,425  $2,175,103  8.4% 21.6%
    Net interest income$24,246  $21,579  $20,731  12.4% 17.0%
    Net interest margin 3.65%  3.56%  3.78% 9 bps (13) bps
              


    Net interest income for the third quarter of 2024 was $24.2 million, an increase of 12.4% from $21.6 million in the second quarter of 2024. The increase was substantially due to the acquisition of Century Bank.

    Relative to the third quarter of 2023, net interest income increased $3.5 million, or 17.0%. The increase was mainly driven by significant growth, partially as a result of the acquisition of Century Bank, which offset the decline in net interest margin.

    Net interest margin for the third quarter of 2024 was 3.65%, compared to 3.56% for the second quarter of 2024. The increase was primarily due to a slight increase in the yield on interest-earning assets, coupled with a decrease in the cost of interest-bearing deposits. The acquisition of Century Bank had a positive impact and helped lift the margin for third quarter of 2024.

    Relative to the third quarter of 2023, net interest margin decreased from 3.78%. The decrease was primarily the result of the increase in interest rates, which accelerated the cost of interest-bearing liabilities at a greater pace than the yield received on interest-earning assets. The acquisition of Century Bank resulted in a positive impact to the net interest margin, effectively helping to reduce the cost of interest-bearing liabilities.

    Noninterest Income  
     Three Months Ended % Change September 30, 2024 vs.
    September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		 June 30,
    2024    		 September 30,
    2023
     (Dollars in thousands)    
              
    Service charges on deposit accounts$532  $462 $442  15.2% 20.4%
    Swap (expense) fees (9)  4  453  325.0% 102.0%
    SBA/USDA fees 179   58  74  208.6% 141.9%
    Mortgage origination fees 112   92  158  21.7% (29.1)%
    Net gain (loss) on securities 75   20  (12) 275.0% 725.0%
    Employee retention credit and related revenue (“ERC”) —   —  (5,100) N/A  N/A 
    Other operating income 868   732  1,091  18.6% (20.4)%
    Total noninterest income$1,757  $1,368 $(2,894) 28.4% 160.7%
              


    Noninterest income for the third quarter of 2024 was $1.8 million, an increase of 28.4% from $1.4 million in the second quarter of 2024. The acquisition of Century Bank on July 31, 2024 resulted in additional noninterest income during the third quarter of 2024. Apart from the acquisition, the increase was also due to increased SBA/USDA fees primarily resulting from the sales of loans during the third quarter of 2024, along with a larger realized net gain on securities during the third quarter of 2024 compared to the second quarter of 2023.

    Relative to the third quarter of 2023, noninterest income increased 160.7% from a noninterest net expense of $2.9 million. The third quarter of 2023 included a $5.1 million payment to the Internal Revenue Service (“IRS”) for the return of the ERC, which was received during the second quarter of 2023. The IRS revised eligibility guidelines during the third quarter of 2023, and the Company applied for the Voluntary Disclosure Program and removed this from income and recorded a payable. The acquisition of Century Bank on July 31, 2024 resulted in additional noninterest income during the third quarter of 2024. The increase was partially offset by a decline in swap fees during the third quarter of 2024, substantially as a result of the Company not participating in any swap transactions.

    Noninterest Expense   
     Three Months Ended % Change September 30, 2024 vs.
    September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		 June 30,
    2024    		 September 30,
    2023
     (Dollars in thousands)    
              
    Salaries and employee benefits$6,876 $6,112 $5,752  12.5% 19.5%
    Equipment and occupancy expenses 814  667  718  22.0% 13.4%
    Data processing fees 781  686  650  13.8% 20.2%
    Regulatory assessments 414  375  322  10.4% 28.6%
    Professional fees related to ERC —  —  (1,243) N/A  N/A 
    Merger-related expenses 1,511  —  —  N/A  N/A 
    Other operating expenses 3,291  3,571  2,370  (7.8)% 38.9%
    Total noninterest expenses$13,687 $11,411 $8,569  19.9% 59.7%
              


    Noninterest expense for the third quarter of 2024 was $13.7 million, an increase of 19.9% from $11.4 million in the second quarter of 2024. The acquisition of Century Bank on July 31, 2024 resulted in merger-related expenses of $1.5 million, of which $961,000 was not deductible for taxes. Also there were additional noninterest expenses related to Century Bank during the third quarter of 2024, primarily in salaries and employee benefits. The acquisition also gave rise to a $106,000 increase in amortization expense associated with the core deposit intangible. Also included in the third quarter of 2024 was approximately $250,000 in expenses associated with calling brokered deposits and collection expenses related to a problem loan.

    Relative to the third quarter of 2023, noninterest expense increased 59.7% from $8.6 million. The acquisition of Century Bank on July 31, 2024 resulted in merger-related expenses of $1.5 million, along with additional noninterest expense during the third quarter of 2024. Salaries and employee benefits increased as a result of the acquisition and from a legacy standpoint. The third quarter of 2023 included a $1.2 million refund of professional fees related to the aforementioned return of ERC.

    Loans and Credit Quality   
     Three Months Ended % Change September 30, 2024 vs.
    September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		 June 30,
    2024    		 September 30,
    2023
    (Dollars in thousands)    
              
    Gross loans$2,205,747  $2,021,877  $1,779,846  9.1% 23.9%
    Unearned income (6,536)  (6,443)  (5,698) 1.4% 14.7%
    Loans, net of unearned income (“Loans”) 2,199,211   2,015,434   1,774,148  9.1% 24.0%
    Average loans, net of unearned (“Average loans”)$2,134,318  $1,987,533  $1,740,582  7.4% 22.6%
              
    Nonperforming loans (“NPL”)$7,868  $3,784  $1,082  107.9% 627.2%
    Provision for credit losses$2,583  $1,067  $773  142.1% 234.2%
    Allowance for credit losses (“ACL”)$28,061  $25,828  $22,181  8.6% 26.5%
    Net charge-offs (recoveries)$350  $383  $(23) (8.6)% 1621.7%
    NPL to gross loans 0.36%  0.19%  0.06%    
    Net charge-offs (recoveries) to average loans(1) 0.07%  0.08% (0.01)%    
    ACL to loans 1.28%  1.28%  1.25%    
              
    (1) Ratio is annualized.         
              


    Loans, net of unearned income, were $2.2 billion at September 30, 2024, up $183.8 million from June 30, 2024 and up $425.1 million from September 30, 2023. The acquisition of Century Bank resulted in additional loans of $131.7 million at September 30, 2024. Apart from the acquired loans, the linked-quarter increase in loans was primarily attributable to new business growth across our footprint.

    Nonperforming loans totaled $7.9 million, or 0.36% of gross loans, at September 30, 2024, compared with $3.8 million, or 0.19% of gross loans, at June 30, 2024, and $1.1 million, or 0.06% of gross loans, at September 30, 2023. The $4.1 million net increase in nonperforming loans in the third quarter of 2024 was primarily attributable to a significant commercial and industrial loan that was added to nonaccrual status and partially offset by a commercial and industrial loan that was charged-off. The $6.8 million net increase in nonperforming loans from September 30, 2023, was primarily attributable to one significant commercial and industrial loan, another less significant commercial and industrial loan and one commercial real estate loan that were added to nonaccrual status. Significant collection efforts have been made on the large commercial and industrial loan and no loss is anticipated.

    The Company recorded a provision for credit losses of $2.6 million for the third quarter of 2024, compared to $1.1 million for the second quarter of 2024. Provision in the third quarter of 2024 included a “Day 2” $1.7 million provision as a result of the acquisition as well as additional provisions based on growth.

    Net charge-offs for the third quarter of 2024 were $350,000, or 0.07% of average loans on an annualized basis, compared to net charge-offs of $383,000, or 0.08% of average loans on an annualized basis, for the second quarter of 2024, and net recoveries of $23,000, or (0.01)% of average loans on an annualized basis, for the third quarter of 2023. The charge-offs recorded during the second and third quarters of 2024 were substantially related to a purchased pool of consumer loans for which the borrower filed for bankruptcy. The loan was fully charged-off as of September 30, 2024.

    The Company’s allowance for credit losses was 1.28% of total loans and 356.65% of nonperforming loans at September 30, 2024, compared with 1.28% of total loans and 682.56% of nonperforming loans at June 30, 2024. Allowance for credit losses on unfunded commitments was $1.4 million at September 30, 2024.

    Deposits   
     Three Months Ended % Change September 30, 2024 vs.
    September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		 June 30,
    2024    		 September 30,
    2023
     (Dollars in thousands)    
              
    Noninterest-bearing deposits$546,282  $416,068  $418,125  31.3% 30.7%
    Interest-bearing deposits 1,874,264   1,759,610   1,498,276  6.5% 25.1%
    Total deposits$2,420,546  $2,175,678  $1,916,401  11.3% 26.3%
              
    Uninsured deposits$964,528  $645,283  $568,323  49.5% 69.7%
    Uninsured deposits to total deposits 39.85%  29.66%  29.66%    
    Noninterest deposits to total deposits 22.57%  19.12%  21.82%    
              


    Total deposits were $2.4 billion at September 30, 2024, up from $2.2 billion at June 30, 2024 and $1.9 billion at September 30, 2023. The $244.9 million increase in total deposits in the third quarter was due to an increase of $130.2 million in noninterest-bearing deposits and a $114.7 million increase in interest-bearing deposits. The acquisition of Century Bank resulted in additional deposits of $304.4 million at September 30, 2024, or $183.4 million in interest-bearing deposits, none of which were brokered deposits, and $121.0 million in noninterest-bearing deposits. Total brokered deposits were $194.2 million at September 30, 2024, compared to $288.3 million at June 30, 2024. The Company used cash from the acquisition of Century Bank to call $52.3 million of brokered deposits, while another $41.9 million matured and were repaid.

    Capital     
     September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023
    Company Bank Company Bank Company Bank
               
    Tier 1 capital ratio to average assets8.64% 11.48% 8.72% 11.52% 8.70% 11.71%
    Risk-based capital ratios:           
    Common equity tier 1 (“CET1”) capital ratio9.36% 12.43% 9.54% 12.61% 9.32% 12.55%
    Tier 1 capital ratio9.36% 12.43% 9.54% 12.61% 9.32% 12.55%
    Total capital ratio14.18% 13.59% 14.50% 13.77% 14.60% 13.67%
                


    As of September 30, 2024, total stockholders’ equity was $271.4 million, up from $230.6 million at June 30, 2024. The increase of $40.8 million was substantially due to the issuance of $31.5 million in common stock for the acquisition of Century Bank.

    About Southern States Bancshares, Inc.

    Headquartered in Anniston, Alabama, Southern States Bancshares, Inc. is a bank holding company that operates primarily through its wholly-owned subsidiary, Southern States Bank. The Bank is a full service community banking institution, which offers an array of deposit, loan and other banking-related products and services to businesses and individuals in its communities. The Bank operates 15 branches in Alabama and Georgia and two loan production offices in Atlanta.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws, which reflect our current expectations and beliefs with respect to, among other things, future events and our financial performance. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. This may be especially true given recent events and trends in the banking industry. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the dates made, we cannot give any assurance that such expectations will prove correct and actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 under the section entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict.

    These statements are often, but not always, made through the use of words or phrases such as “may,” “can,” “should,” “could,” “to be,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “likely,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “target,” “project,” “would” and “outlook,” or the negative version of those words or other similar words or phrases of a future or forward-looking nature. Forward-looking statements appear in a number of places in this press release and may include statements about our acquisition of Century Bank of Georgia, business strategy and prospects for growth, operations, ability to pay dividends, competition, regulation and general economic conditions.

    Contact Information

    Lynn Joyce   Margaret Boyce
    (205) 820-8065   (310) 622-8247
    ljoyce@ssbank.bank   ssbankir@finprofiles.com


    SELECT FINANCIAL DATA
    (Dollars in thousands, except share and per share amounts)
              
     Three Months Ended Nine Months Ended
    September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		 September 30,
    2024    		 September 30,
    2023
             
    Results of Operations         
    Interest income$45,068  $41,007  $35,204  $124,811  $96,088 
    Interest expense 20,822   19,428   14,473   58,147   36,379 
    Net interest income 24,246   21,579   20,731   66,664   59,709 
    Provision for credit losses 2,583   1,067   773   4,885   3,511 
    Net interest income after provision 21,663   20,512   19,958   61,779   56,198 
    Noninterest income 1,757   1,368   (2,894)  4,393   5,755 
    Noninterest expense 13,687   11,411   8,569   35,473   32,159 
    Income tax expense 2,380   2,271   1,866   7,029   6,738 
    Net income$7,353  $8,198  $6,629  $23,670  $23,056 
    Core net income(1)$8,675  $9,058  $9,563  $25,862  $23,901 
              
    Share and Per Share Data         
    Shares issued and outstanding 9,882,350   8,908,130   8,834,168   9,882,350   8,834,168 
    Weighted average shares outstanding:         
    Basic 9,608,868   8,957,608   8,846,018   9,161,622   8,791,007 
    Diluted 9,725,884   9,070,568   9,040,687   9,297,778   9,016,603 
    Earnings per share:         
    Basic$0.76  $0.91  $0.75  $2.58  $2.62 
    Diluted 0.76   0.90   0.73   2.54   2.56 
    Core - diluted(1) 0.89   1.00   1.06   2.78   2.65 
    Book value per share 27.46   25.88   22.86   27.46   22.86 
    Tangible book value per share(1) 23.38   23.91   20.84   23.38   20.84 
    Cash dividends per common share 0.09   0.09   0.09   0.27   0.27 
              
    Performance and Financial Ratios         
    ROAA 1.05%  1.29%  1.15%  1.22%  1.41%
    ROAE 11.89%  14.55%  12.96%  13.70%  15.85%
    Core ROAA(1) 1.24%  1.43%  1.66%  1.33%  1.47%
    ROATCE(1) 13.35%  15.79%  14.21%  15.05%  17.47%
    Core ROATCE(1) 15.74%  17.44%  20.50%  16.45%  18.11%
    NIM 3.65%  3.56%  3.78%  3.60%  3.85%
    NIM - FTE(1) 3.66%  3.57%  3.79%  3.61%  3.87%
    Net interest spread 2.66%  2.59%  2.84%  2.63%  3.00%
    Yield on loans 7.21%  7.17%  6.86%  7.15%  6.62%
    Yield on interest-earning assets 6.78%  6.76%  6.42%  6.74%  6.20%
    Cost of interest-bearing liabilities 4.12%  4.17%  3.58%  4.11%  3.20%
    Cost of funds(2) 3.31%  3.41%  2.80%  3.33%  2.48%
    Cost of interest-bearing deposits 4.03%  4.07%  3.43%  4.01%  3.02%
    Cost of total deposits 3.19%  3.27%  2.63%  3.20%  2.29%
    Noninterest deposits to total deposits 22.57%  19.12%  21.82%  22.57%  21.82%
    Core deposits to total deposits 86.30%  81.78%  86.58%  86.30%  86.58%
    Uninsured deposits to total deposits 39.85%  29.66%  29.66%  39.85%  29.66%
    Total loans to total deposits 90.86%  92.63%  92.58%  90.86%  92.58%
    Efficiency ratio 52.79%  49.78%  48.01%  49.98%  49.47%
    Core efficiency ratio(1) 46.96%  44.75%  42.79%  46.23%  47.06%
              

    (1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (2) Includes total interest-bearing liabilities and noninterest deposits.

    SELECT FINANCIAL DATA
    (Dollars in thousands)
              
     Three Months Ended Nine Months Ended
    September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		 September 30,
    2024    		 September 30,
    2023
             
    Financial Condition (ending)         
    Total loans$2,199,211  $2,015,434  $1,774,148  $2,199,211  $1,774,148 
    Total securities 217,692   204,131   189,496   217,692   189,496 
    Total assets 2,841,440   2,572,011   2,296,527   2,841,440   2,296,527 
    Total noninterest-bearing deposits 546,282   416,068   418,125   546,282   418,125 
    Total core deposits(1) 2,088,993   1,779,253   1,659,291   2,088,993   1,659,291 
    Total deposits 2,420,546   2,175,678   1,916,401   2,420,546   1,916,401 
    Total borrowings 121,083   136,873   146,573   121,083   146,573 
    Total liabilities 2,570,070   2,341,430   2,094,603   2,570,070   2,094,603 
    Total shareholders’ equity 271,370   230,581   201,924   271,370   201,924 
              
    Financial Condition (average)         
    Total loans$2,134,318  $1,987,533  $1,740,582  $2,013,157  $1,676,134 
    Total securities 223,750   210,678   201,830   214,494   197,005 
    Total other interest-earning assets 287,320   242,214   232,691   247,035   199,379 
    Total interest-earning assets 2,645,388   2,440,425   2,175,103   2,474,686   2,072,518 
    Total assets 2,777,215   2,553,010   2,282,217   2,593,175   2,180,851 
    Total noninterest-bearing deposits 490,450   420,885   448,616   442,667   442,149 
    Total interest-bearing deposits 1,874,861   1,729,682   1,472,024   1,746,420   1,395,529 
    Total deposits 2,365,311   2,150,567   1,920,640   2,189,087   1,837,678 
    Total borrowings 134,035   143,189   129,882   141,970   122,156 
    Total interest-bearing liabilities 2,008,896   1,872,871   1,601,906   1,888,390   1,517,685 
    Total shareholders’ equity 246,081   226,527   202,955   230,799   194,430 
              
    Asset Quality         
    Nonperforming loans$7,868  $3,784  $1,082  $7,868  $1,082 
    Other real estate owned (“OREO”)$33  $33  $2,903  $33  $2,903 
    Nonperforming assets (“NPA”)$7,901  $3,817  $3,985  $7,901  $3,985 
    Net charge-offs to average loans(2) 0.07%  0.08% (0.01        )%  0.08%  0.02%
    Provision for credit losses to average loans(2) 0.48%  0.22%  0.18%  0.32%  0.28%
    ACL to loans 1.28%  1.28%  1.25%  1.28%  1.25%
    ACL to gross loans 1.27%  1.28%  1.25%  1.27%  1.25%
    ACL to NPL 356.65%  682.56%  2050.00%  356.65%  2050.00%
    NPL to loans 0.36%  0.19%  0.06%  0.36%  0.06%
    NPL to gross loans 0.36%  0.19%  0.06%  0.36%  0.06%
    NPA to gross loans and OREO 0.36%  0.19%  0.22%  0.36%  0.22%
    NPA to total assets 0.28%  0.15%  0.17%  0.28%  0.17%
              
    Regulatory and Other Capital Ratios         
    Total shareholders’ equity to total assets 9.55%  8.97%  8.79%  9.55%  8.79%
    Tangible common equity to tangible assets(3) 8.25%  8.34%  8.08%  8.25%  8.08%
    Tier 1 capital ratio to average assets 8.64%  8.72%  8.70%  8.64%  8.70%
    Risk-based capital ratios:         
    CET1 capital ratio 9.36%  9.54%  9.32%  9.36%  9.32%
    Tier 1 capital ratio 9.36%  9.54%  9.32%  9.36%  9.32%
    Total capital ratio 14.18%  14.50%  14.60%  14.18%  14.60%
              

    (1) We define core deposits as total deposits excluding brokered deposits and time deposits greater than $250,000.
    (2) Ratio is annualized.
    (3) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Dollars in thousands)
            
     September 30,
    2024    		 June 30,
    2024    		 December 31,
    2023    		 September 30,
    2023
    (Unaudited) (Unaudited) (Audited) (Unaudited)
           
    Assets       
    Cash and due from banks$24,225  $21,598  $19,710  $31,047 
    Interest-bearing deposits in banks 182,559   140,440   134,846   103,646 
    Federal funds sold 71,072   76,334   96,095   81,487 
    Total cash and cash equivalents 277,856   238,372   250,651   216,180 
            
    Securities available for sale, at fair value 198,076   184,510   179,000   169,859 
    Securities held to maturity, at amortized cost 19,616   19,621   19,632   19,637 
    Other equity securities, at fair value 3,733   3,658   3,649   3,654 
    Restricted equity securities, at cost 4,418   4,633   5,684   4,971 
    Loans held for sale 415   1,716   450   1,799 
            
    Loans, net of unearned income 2,199,211   2,015,434   1,884,508   1,774,148 
    Less allowance for credit losses 28,061   25,828   24,378   22,181 
    Loans, net 2,171,150   1,989,606   1,860,130   1,751,967 
            
    Premises and equipment, net 32,319   26,192   26,426   26,694 
    Accrued interest receivable 10,114   9,654   8,711   8,321 
    Bank owned life insurance 39,159   33,000   29,884   29,697 
    Annuities 16,843   15,918   15,036   15,266 
    Foreclosed assets 33   33   33   2,903 
    Goodwill 30,980   16,862   16,862   16,862 
    Core deposit intangible 9,338   735   899   981 
    Other assets 27,390   27,501   29,616   27,736 
            
    Total assets$2,841,440  $2,572,011  $2,446,663  $2,296,527 
            
    Liabilities and Stockholders' Equity       
    Liabilities:       
    Deposits:       
    Noninterest-bearing$546,282  $416,068  $437,959  $418,125 
    Interest-bearing 1,874,264   1,759,610   1,580,230   1,498,276 
    Total deposits 2,420,546   2,175,678   2,018,189   1,916,401 
            
    Other borrowings 7,976   8,000   26,994   4,991 
    FHLB advances 22,000   42,000   70,000   55,000 
    Subordinated notes 91,107   86,873   86,679   86,582 
    Accrued interest payable 2,214   2,024   1,519   1,280 
    Other liabilities 26,227   26,855   28,318   30,349 
            
    Total liabilities 2,570,070   2,341,430   2,231,699   2,094,603 
            
    Stockholders' equity:       
    Common stock 49,684   44,813   44,479   44,307 
    Capital surplus 106,046   79,248   78,361   77,671 
    Retained earnings 123,783   117,233   102,523   94,429 
    Accumulated other comprehensive loss (5,866)  (8,333)  (8,379)  (13,126)
    Unvested restricted stock (723)  (826)  (466)  (580)
    Vested restricted stock units (1,554)  (1,554)  (1,554)  (777)
            
    Total stockholders' equity 271,370   230,581   214,964   201,924 
            
    Total liabilities and stockholders' equity$2,841,440  $2,572,011  $2,446,663  $2,296,527 


    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except per share amounts)
              
     Three Months Ended Nine Months Ended
    September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		 September 30,
    2024    		 September 30,
    2023
    (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
    Interest income:         
    Loans, including fees$38,690  $35,421 $30,084  $107,739 $83,049
    Taxable securities 2,205   2,039  1,796   6,225  4,819
    Nontaxable securities 243   231  227   704  747
    Other interest and dividends 3,930   3,316  3,097   10,143  7,473
    Total interest income 45,068   41,007  35,204   124,811  96,088
              
    Interest expense:         
    Deposits 18,990   17,511  12,732   52,407  31,498
    Other borrowings 1,832   1,917  1,741   5,740  4,881
    Total interest expense 20,822   19,428  14,473   58,147  36,379
              
    Net interest income 24,246   21,579  20,731   66,664  59,709
    Provision for credit losses 2,583   1,067  773   4,885  3,511
    Net interest income after provision for credit losses 21,663   20,512  19,958   61,779  56,198
              
    Noninterest income:         
    Service charges on deposit accounts 532   462  442   1,458  1,348
    Swap (expenses) fees (9)  4  453   10  622
    SBA/USDA fees 179   58  74   302  274
    Mortgage origination fees 112   92  158   300  446
    Net gain (loss) on securities 75   20  (12)  83  457
    Employee retention credit and related revenue —   —  (5,100)  —  —
    Other operating income 868   732  1,091   2,240  2,608
    Total noninterest income 1,757   1,368  (2,894)  4,393  5,755
              
    Noninterest expenses:         
    Salaries and employee benefits 6,876   6,112  5,752   19,219  19,926
    Equipment and occupancy expenses 814   667  718   2,170  2,095
    Data processing fees 781   686  650   2,110  1,889
    Regulatory assessments 414   375  322   1,149  844
    Professional fees related to ERC —   —  (1,243)  —  —
    Merger-related expenses 1,511   —  —   1,511  —
    Other operating expenses 3,291   3,571  2,370   9,314  7,405
    Total noninterest expenses 13,687   11,411  8,569   35,473  32,159
              
    Income before income taxes 9,733   10,469  8,495   30,699  29,794
              
    Income tax expense 2,380   2,271  1,866   7,029  6,738
              
    Net income$7,353  $8,198 $6,629  $23,670 $23,056
              
    Basic earnings per share$0.76  $0.91 $0.75  $2.58 $2.62
              
    Diluted earnings per share$0.76  $0.90 $0.73  $2.54 $2.56


    AVERAGE BALANCE SHEET AND NET INTEREST MARGIN
    (Dollars in thousands)
                      
     Three Months Ended
    September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023
    Average
    Balance    		 Interest Yield/Rate Average
    Balance    		 Interest Yield/Rate Average
    Balance    		 Interest Yield/Rate
    Assets:                 
    Interest-earning assets:                 
    Loans, net of unearned income(1)$2,134,318  $38,690 7.21% $1,987,533  $35,421 7.17% $1,740,582  $30,084 6.86%
    Taxable securities 177,164   2,205 4.95%  165,141   2,039 4.97%  156,364   1,796 4.56%
    Nontaxable securities 46,586   243 2.08%  45,537   231 2.04%  45,466   227 1.98%
    Other interest-earnings assets 287,320   3,930 5.44%  242,214   3,316 5.51%  232,691   3,097 5.28%
    Total interest-earning assets$2,645,388  $45,068 6.78% $2,440,425  $41,007 6.76% $2,175,103  $35,204 6.42%
    Allowance for credit losses (27,253)      (25,332)      (21,606)    
    Noninterest-earning assets 159,080       137,917       128,720     
    Total Assets$2,777,215      $2,553,010      $2,282,217     
                      
    Liabilities and Stockholders’ Equity:                 
    Interest-bearing liabilities:                 
    Interest-bearing transaction accounts 95,040   30 0.13%  85,976   21 0.10%  88,668   20 0.09%
    Savings and money market accounts 1,042,661   10,264 3.92%  929,930   9,229 3.99%  867,066   7,767 3.55%
    Time deposits 737,160   8,696 4.69%  713,776   8,261 4.65%  516,290   4,945 3.80%
    FHLB advances 36,130   455 5.01%  48,374   596 4.96%  43,261   514 4.72%
    Other borrowings 97,905   1,377 5.59%  94,815   1,321 5.60%  86,621   1,227 5.62%
    Total interest-bearing liabilities$2,008,896  $20,822 4.12% $1,872,871  $19,428 4.17% $1,601,906  $14,473 3.58%
                      
    Noninterest-bearing liabilities:                 
    Noninterest-bearing deposits$490,450      $420,885      $448,616     
    Other liabilities 31,788       32,727       28,740     
    Total noninterest-bearing liabilities$522,238      $453,612      $477,356     
    Stockholders’ Equity 246,081       226,527       202,955     
    Total Liabilities and Stockholders’ Equity$2,777,215      $2,553,010      $2,282,217     
                      
    Net interest income  $24,246     $21,579     $20,731  
    Net interest spread(2)    2.66%     2.59%     2.84%
    Net interest margin(3)    3.65%     3.56%     3.78%
    Net interest margin - FTE(4)(5)    3.66%     3.57%     3.79%
    Cost of funds(6)    3.31%     3.41%     2.80%
    Cost of interest-bearing deposits    4.03%     4.07%     3.43%
    Cost of total deposits    3.19%     3.27%     2.63%

    (1) Includes nonaccrual loans.
    (2) Net interest spread is the difference between interest rates earned on interest-earning assets and interest rates paid on interest-bearing liabilities.
    (3) Net interest margin is a ratio of net interest income to average interest-earning assets for the same period.
    (4) Net interest margin - FTE is a ratio of fully-taxable equivalent net interest income to average interest-earning assets for the same period. It assumes a 24.0% tax rate.
    (5) Refer to “Reconciliation of Non-GAAP Financial Measures”.
    (6) Includes total interest-bearing liabilities and noninterest deposits.

    AVERAGE BALANCE SHEET AND NET INTEREST MARGIN
    (Dollars in thousands)
                
     Nine Months Ended
    September 30,
    2024    		 September 30,
    2023
    Average
    Balance    		 Interest Yield/Rate Average
    Balance    		 Interest Yield/Rate
    Assets:           
    Interest-earning assets:           
    Loans, net of unearned income(1)$2,013,157  $107,739 7.15% $1,676,134  $83,049 6.62%
    Taxable securities 168,661   6,225 4.93%  149,058   4,819 4.32%
    Nontaxable securities 45,833   704 2.05%  47,947   747 2.08%
    Other interest-earnings assets 247,035   10,143 5.48%  199,379   7,473 5.01%
    Total interest-earning assets$2,474,686  $124,811 6.74% $2,072,518  $96,088 6.20%
    Allowance for credit losses (25,638)      (20,750)    
    Noninterest-earning assets 144,127       129,083     
    Total Assets$2,593,175      $2,180,851     
                
    Liabilities and Stockholders’ Equity:           
    Interest-bearing liabilities:           
    Interest-bearing transaction accounts 88,980   78 0.12%  91,602   59 0.09%
    Savings and money market accounts 958,625   28,296 3.94%  839,827   19,679 3.13%
    Time deposits 698,815   24,033 4.59%  464,100   11,760 3.39%
    FHLB advances 45,840   1,706 4.97%  35,703   1,202 4.50%
    Other borrowings 96,130   4,034 5.60%  86,453   3,679 5.69%
    Total interest-bearing liabilities$1,888,390  $58,147 4.11% $1,517,685  $36,379 3.20%
                
    Noninterest-bearing liabilities:           
    Noninterest-bearing deposits$442,667      $442,149     
    Other liabilities 31,319       26,587     
    Total noninterest-bearing liabilities$473,986      $468,736     
    Stockholders’ Equity 230,799       194,430     
    Total Liabilities and Stockholders’ Equity$2,593,175      $2,180,851     
                
    Net interest income  $66,664     $59,709  
    Net interest spread(2)    2.63%     3.00%
    Net interest margin(3)    3.60%     3.85%
    Net interest margin - FTE(4)(5)    3.61%     3.87%
    Cost of funds(6)    3.33%     2.48%
    Cost of interest-bearing deposits    4.01%     3.02%
    Cost of total deposits    3.20%     2.29%

    (1) Includes nonaccrual loans.
    (2) Net interest spread is the difference between interest rates earned on interest-earning assets and interest rates paid on interest-bearing liabilities.
    (3) Net interest margin is a ratio of net interest income to average interest-earning assets for the same period.
    (4) Net interest margin - FTE is a ratio of fully-taxable equivalent net interest income to average interest-earning assets for the same period. It assumes a 24.0% tax rate.
    (5) Refer to “Reconciliation of Non-GAAP Financial Measures”.
    (6) Includes total interest-bearing liabilities and noninterest deposits.

    LOAN COMPOSITION
    (Dollars in thousands)
                    
     September 30,
    2024    		 June 30,
    2024    		 December 31,
    2023    		 September 30,
    2023
    Amount % of gross Amount % of gross Amount % of gross Amount % of gross
                   
    Real estate mortgages:               
    Construction and development$245,275  11.1% $242,573  12.0% $242,960  12.9% $229,188  12.9%
    Residential 293,150  13.3%  249,498  12.3%  224,603  11.9%  224,499  12.6%
    Commercial 1,344,554  61.0%  1,222,739  60.5%  1,144,867  60.5%  1,049,545  59.0%
    Commercial and industrial 310,540  14.1%  297,501  14.7%  269,961  14.3%  268,283  15.0%
    Consumer and other 12,228  0.5%  9,566  0.5%  8,286  0.4%  8,331  0.5%
    Gross loans 2,205,747  100.0%  2,021,877  100.0%  1,890,677  100.0%  1,779,846  100.0%
    Unearned income (6,536)    (6,443)    (6,169)    (5,698)  
    Loans, net of unearned income 2,199,211     2,015,434     1,884,508     1,774,148   
    Allowance for credit losses (28,061)    (25,828)    (24,378)    (22,181)  
    Loans, net$2,171,150    $1,989,606    $1,860,130    $1,751,967   


    DEPOSIT COMPOSITION
    (Dollars in thousands)
                    
     September 30,
    2024    		 June 30,
    2024    		 December 31,
    2023    		 September 30,
    2023
    Amount % of total Amount % of total Amount % of total Amount % of total
                   
                    
    Noninterest-bearing transaction$546,282 22.5% $416,068 19.1% $437,959 21.7% $418,125 21.8%
    Interest-bearing transaction 1,124,706 46.5%  1,006,687 46.3%  946,347 46.9%  934,383 48.8%
    Savings 53,565 2.2%  32,527 1.5%  35,412 1.7%  38,518 2.0%
    Time deposits, $250,000 and under 558,600 23.1%  612,299 28.1%  500,406 24.8%  436,613 22.8%
    Time deposits, over $250,000 137,393 5.7%  108,097 5.0%  98,065 4.9%  88,762 4.6%
    Total deposits$2,420,546 100.0% $2,175,678 100.0% $2,018,189 100.0% $1,916,401 100.0%


    Nonperforming Assets
    (Dollars in thousands)
            
     September 30,
    2024    		 June 30,
    2024    		 December 31,
    2023    		 September 30,
    2023
           
           
    Nonaccrual loans$7,803  $3,784  $1,017  $1,082 
    Past due loans 90 days or more and still accruing interest 65   —   160   — 
    Total nonperforming loans 7,868   3,784   1,177   1,082 
    OREO 33   33   33   2,903 
    Total nonperforming assets$7,901  $3,817  $1,210  $3,985 
            
    Financial difficulty modification loans – nonaccrual(1) 622   647   907   970 
    Financial difficulty modification loans – accruing 1,071   1,093   1,095   1,052 
    Financial difficulty modification loans$1,693  $1,740  $2,002  $2,022 
            
    Allowance for credit losses$28,061  $25,828  $24,378  $22,181 
    Loans, net of unearned income at the end of the period$2,199,211  $2,015,434  $1,884,508  $1,774,148 
    Gross loans outstanding at the end of period$2,205,747  $2,021,877  $1,890,677  $1,779,846 
    Total assets$2,841,440  $2,572,011  $2,446,663  $2,296,527 
    Allowance for credit losses to nonperforming loans 356.65%  682.56%  2071.20%  2050.00%
    Nonperforming loans to loans, net of unearned income 0.36%  0.19%  0.06%  0.06%
    Nonperforming loans to gross loans 0.36%  0.19%  0.06%  0.06%
    Nonperforming assets to gross loans and OREO 0.36%  0.19%  0.06%  0.22%
    Nonperforming assets to total assets 0.28%  0.15%  0.05%  0.17%
            
    Nonaccrual loans by category:       
    Real estate mortgages:       
    Construction & Development$—  $—  $—  $— 
    Residential Mortgages 522   393   252   289 
    Commercial Real Estate Mortgages 2,155   2,182   765   785 
    Commercial & Industrial 5,126   1,209   —   8 
    Consumer and other —   —   —   — 
    Total$7,803  $3,784  $1,017  $1,082 

    (1) Financial difficulty modifications loans are excluded from nonperforming loans unless they otherwise meet the definition of nonaccrual loans or are more than 90 days past due.

    Allowance for Credit Losses
    (Dollars in thousands)
              
     Three Months Ended Nine Months Ended
    September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		 September 30,
    2024    		 September 30, 2023
             
    Average loans, net of unearned income$2,134,318  $1,987,533  $1,740,582  $2,013,157  $1,676,134 
    Loans, net of unearned income 2,199,211   2,015,434   1,774,148   2,199,211   1,774,148 
    Gross loans 2,205,747   2,021,877   1,779,846   2,205,747   1,779,846 
    Allowance for credit losses at beginning of the period 25,828   25,144   21,385   24,378   20,156 
    Impact of adoption of ASC 326 —   —   —   —   (1,285)
    Charge-offs:         
    Construction and development —   —   3   —   3 
    Residential —   —   —   11   — 
    Commercial 119   11   —   157   — 
    Commercial and industrial 384   384   —   1,210   262 
    Consumer and other —   10   —   25   6 
    Total charge-offs 503   405   3   1,403   271 
    Recoveries:         
    Construction and development —   —   —   —   — 
    Residential 13   6   10   27   38 
    Commercial —   —   —   —   — 
    Commercial and industrial 139   15   —   171   14 
    Consumer and other 1   1   16   3   18 
    Total recoveries 153   22   26   201   70 
    Net charge-offs (recoveries)$350  $383  $(23) $1,202  $201 
              
    Provision for credit losses$2,583  $1,067  $773  $4,885  $3,511 
    Balance at end of the period$28,061  $25,828  $22,181  $28,061  $22,181 
              
    Allowance for credit losses on unfunded commitments at beginning of the period$1,206  $1,288  $1,495  $1,239  $— 
    Impact of adoption of ASC 326 —   —   —   —   1,285 
    Day 2 impact from acquisition 199   —   —   199   — 
    (Credit) provision for credit losses on unfunded commitments —   (82)  29   (33)  239 
    Balance at the end of the period$1,405  $1,206  $1,524  $1,405  $1,524 
              
    Allowance to loans, net of unearned income 1.28%  1.28%  1.25%  1.28%  1.25%
    Allowance to gross loans 1.27%  1.28%  1.25%  1.27%  1.25%
    Net charge-offs (recoveries) to average loans, net of unearned income(1) 0.07%  0.08% (0.01)        %  0.08%  0.02%
    Provision for credit losses to average loans, net of unearned income(1) 0.48%  0.22%  0.18%  0.32%  0.28%

    (1) Ratio is annualized.

    Reconciliation of Non-GAAP Financial Measures

    In addition to reporting GAAP results, the Company reports non-GAAP financial measures in this earnings release and other disclosures. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

    The following table provides a reconciliation of the non-GAAP financial measures to their most directly comparable financial measure presented in accordance with GAAP.

    Reconciliation of Non-GAAP Financial Measures
    (Dollars in thousands, except share and per share amounts)
              
     Three Months Ended Nine Months Ended
    September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		 September 30,
    2024    		 September 30,
    2023
             
    Net income$7,353  $8,198  $6,629  $23,670  $23,056 
    Add: One-time retirement related expenses —   —   —   —   1,571 
    Add: Professional fees related to ERC —   —   (1,243)  —   — 
    Add: Wire fraud loss —   1,155   —   1,155   — 
    Add: Merger-related expenses 1,511   —   —   1,511   — 
    Add: Net OREO gain —   (3)  (9)  (3)  (2)
    Less: Employee retention related revenue —   —   (5,100)  —   — 
    Less: Net gain (loss) on securities 75   20   (12)  83   457 
    Less: Tax effect 114   272   926   388   267 
    Core net income$8,675  $9,058  $9,563  $25,862  $23,901 
    Average assets$2,777,215  $2,553,010  $2,282,217  $2,593,175  $2,180,851 
    Core return on average assets 1.24%  1.43%  1.66%  1.33%  1.47%
              
    Net income$7,353  $8,198  $6,629  $23,670  $23,056 
    Add: One-time retirement related expenses —   —   —   —   1,571 
    Add: Professional fees related to ERC —   —   (1,243)  —   — 
    Add: Wire fraud loss —   1,155   —   1,155   — 
    Add: Merger-related expenses 1,511   —   —   1,511   — 
    Add: Net OREO gain —   (3)  (9)  (3)  (2)
    Add: Provision 2,583   1,067   773   4,885   3,511 
    Less: Employee retention related revenue —   —   (5,100)  —   — 
    Less: Net gain (loss) on securities 75   20   (12)  83   457 
    Add: Income taxes 2,380   2,271   1,866   7,029   6,738 
    Pretax pre-provision core net income$13,752  $12,668  $13,128  $38,164  $34,417 
    Average assets$2,777,215  $2,553,010  $2,282,217  $2,593,175  $2,180,851 
    Pretax pre-provision core return on average assets 1.97%  2.00%  2.28%  1.97%  2.11%
              
    Net interest income$24,246  $21,579  $20,731  $66,664  $59,709 
    Add: Fully-taxable equivalent adjustments(1) 75   73   70   222   213 
    Net interest income - FTE$24,321  $21,652  $20,801  $66,886  $59,922 
              
    Net interest margin 3.65%  3.56%  3.78%  3.60%  3.85%
    Effect of fully-taxable equivalent adjustments(1) 0.01%  0.01%  0.01%  0.01%  0.02%
    Net interest margin - FTE 3.66%  3.57%  3.79%  3.61%  3.87%
              
    Total stockholders' equity$271,370  $230,581  $201,924  $271,370  $201,924 
    Less: Intangible assets 40,318   17,597   17,843   40,318   17,843 
    Tangible common equity$231,052  $212,984  $184,081  $231,052  $184,081 
              
    (1) Assumes a 24.0% tax rate.
              
    Reconciliation of Non-GAAP Financial Measures
    (Dollars in thousands, except share and per share amounts)
              
     Three Months Ended Nine Months Ended
     September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		 September 30,
    2024    		 September 30,
    2023
              
    Core net income$8,675  $9,058  $9,563  $25,862  $23,901 
    Diluted weighted average shares outstanding 9,725,884   9,070,568   9,040,687   9,297,778   9,016,603 
    Diluted core earnings per share$0.89  $1.00  $1.06  $2.78  $2.65 
              
    Common shares outstanding at year or period end 9,882,350   8,908,130   8,834,168   9,882,350   8,834,168 
    Tangible book value per share$23.38  $23.91  $20.84  $23.38  $20.84 
              
    Total assets at end of period$2,841,440  $2,572,011  $2,296,527  $2,841,440  $2,296,527 
    Less: Intangible assets 40,318   17,597   17,843   40,318   17,843 
    Adjusted assets at end of period$2,801,122  $2,554,414  $2,278,684  $2,801,122  $2,278,684 
    Tangible common equity to tangible assets 8.25%  8.34%  8.08%  8.25%  8.08%
              
    Total average shareholders equity$246,081  $226,527  $202,955  $230,799  $194,430 
    Less: Average intangible assets 26,884   17,646   17,893   20,776   17,973 
    Average tangible common equity$219,197  $208,881  $185,062  $210,023  $176,457 
    Net income to common shareholders$7,353  $8,198  $6,629  $23,670  $23,056 
    Return on average tangible common equity 13.35%  15.79%  14.21%  15.05%  17.47%
    Average tangible common equity$219,197  $208,881  $185,062  $210,023  $176,457 
    Core net income$8,675  $9,058  $9,563  $25,862  $23,901 
    Core return on average tangible common equity 15.74%  17.44%  20.50%  16.45%  18.11%
              
    Net interest income$24,246  $21,579  $20,731  $66,664  $59,709 
    Add: Noninterest income 1,757   1,368   (2,894)  4,393   5,755 
    Less: Employee retention related revenue —   —   (5,100)  —   — 
    Less: Net gain (loss) on securities 75   20   (12)  83   457 
    Operating revenue$25,928  $22,927  $22,949  $70,974  $65,007 
              
    Expenses:         
    Total noninterest expense$13,687  $11,411  $8,569  $35,473  $32,159 
    Less: One-time retirement related expenses —   —   —   —   1,571 
    Less: Professional fees related to ERC —   —   (1,243)  —   — 
    Less: Wire fraud loss —   1,155   —   1,155   — 
    Less: Merger-related expenses 1,511   —   —   1,511   — 
    Less: Net OREO gain —   (3)  (9)  (3)  (2)
    Adjusted noninterest expenses$12,176  $10,259  $9,821  $32,810  $30,590 
    Core efficiency ratio 46.96%  44.75%  42.79%  46.23%  47.06%

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